formats

Welcome to News & Events

Published on December 20, 2011, by in Industry News.

Welcome to The Fraud Practice’s FraudBlog; your source for updates on current events, commentary and best practices related to the eCommerce CNP payments and fraud industry.

Be sure to signup to see all of our content to include our free monthly FraudBlog Newsletter.

 
formats

Will Host Card Emulation (HCE) be the Catalyst NFC Needs?

Mobile wallets utilizing Near-Field Communication (NFC) technology for contactless point-of-sale payments have been around since 2011 but have yet to really catch on. While Google Wallet and others rely on NFC to communicate with compatible payment terminals the mobile carriers have been restrictive on allowing these apps to access the Secure Element where payment credentials are stored. Host Card Emulation circumvents this issue, meaning Google Wallet and other mobile NFC contactless payment applications may soon be available on a lot more devices.

The inability for many consumers to be able to pay with the credit and debit cards they already have, on the mobile devices they already have, and with the mobile wallet application they want to use has undoubtedly slowed consumer adoption of mobile contactless payments. But Host Card Emulation (HCE) technology, which is now available on nearly 250 million Android devices worldwide, can change this by eliminating the need for carrier participation.

Read More

 
formats

Visa Replaces V.me with Visa Checkout, Adds New Merchants

Visa launched their e-wallet, V.me, in late 2011, but this was discontinued in July, 2014 in favor of Visa’s new, although quite similar service, Visa Checkout. Since launch Visa has signed on notable merchants to accept Visa Checkout and will soon begin a major advertising push to drive consumer adoption.

Visa has discontinued their original e-wallet, V.me, but is still focused on maintaining high use of Visa branded cards in the CNP channel with their new Visa Checkout service. This is coming at a crucial time as increasingly more consumers continue to move from computers to mobile devices for making online purchases.

Read More

 
formats

Talks of Visa and Apple Partnership in Anticipation of September iPhone 6 Launch

Industry analysts have recently discussed the potential benefits to Visa and Apple should the two collaborate on mobile payments, even stating their opinion that a “partnership could be on the horizon,” and potentially in time for the launch of the iPhone 6. Is this potential partnership already in the works or is it just speculation?

The possibility of a Visa and Apple mobile payments partnership made multiple media reports following statements from multiple industry analysts with different organizations. Josh Beck of Pacific Crest explained how news of recent changes and improved security with Visa’s systems could allow tech companies to grow and enhance their mobile payment initiatives. Roger Kay, analyst with Endpoint Technologies Associates, seconded that it makes sense for “Apple to have a partner for the back end,” and that Visa would benefit from partnering with Apple who is “so deeply entrenched with consumers.”

Read More

 
formats

ACI Worldwide Announces Acquisition of Retail Decisions, ReD

ACI Worldwide announced their acquisition of an industry veteran fraud solution provider Retail Decisions (ReD) for $205 million in cash in late July. The acquisition will help ACI bolster their services for both merchants and financial institutions. The deal is expected to close during the third quarter.

The acquisition of ReD also boltsters ACI Worldwide’s omni-channel payment services. ACI Worldwide CEO, Philip Heasley, discussed the issues retailers will face “operating disparate systems for their online, mobile and point-of-sale operations,” but believes that the “ACI and ReD together have an unrivaled merchant retail solution,” that is “global, omni-channel with integrated fraud management built on Universal Payments technology.”

Read More

 
formats

Mobile Wallet Isis to Change Name, Begin Rebranding Effort

The mobile wallet joint venture Isis founded by AT&T Mobility, T-Mobile USA and Verizon Wireless is in the process of changing their name to avoid confusion and mis-association with a militant group that has garnered much media attention of late, commonly referred to by the acronym ISIS.

Not to be confused with the Islamic State of Iraq and Syria (ISIS) militant group, the U.S. mobile wallet service Isis, backed by three major mobile network operators, is actively working on a new brand and name. Michael Abbott, Isis Mobile CEO, elaborated that even though the association between the mobile joint venture and the terrorist group is coincidental, the mobile wallet company has “no interest in sharing a name with a group whose name has become synonymous with violence.”

Read More

 
formats

Largest Grocer in U.S. Prepares to Enter eCommerce with Vitacost Acquisition

Kroger, the largest pure grocery store chain by sales in the United States, recently purchased online vitamin merchant Vitacost.com for $280 million to gain a stronger presence in internet retail as they face increased competition from the likes of Amazon, FreshDirect and others selling groceries online.

At first glance, a grocery store acquiring a vitamin retailer may not seem relevant to eCommerce retail, but the $280 million dollar investment by Kroger is about “progress towards a more Omnichannel experience,” as explained by the company’s CEO, Rodney McMullen.

Read More

 
formats

More and More Mobile Malware

Malware targeting mobile devices has increased for the fifth consecutive quarter and has increased 167 percent from Q1 2013 to Q1 2014, according to the latest McAfee Labs Threats Report.

Merchants aren’t the only ones putting more emphasis and importance on the mobile channel, fraudsters are as well. This is evidenced by the growth of new malware targeting consumers on mobile devices; McAfee catalogued 2.4 million new samples of mobile malware in 2013 and about 750,000 in just the first quarter of 2014.

Read More

 
formats

Visa becomes third major card association to join FIDO Alliance

Visa follows Discover and MasterCard’s lead becoming the third card association to join the Fast Identity Online (FIDO) Alliance’s board of directors. The FIDO Alliance is focused on developing standards and technical specifications to make online authentication more secure.

The FIDO Alliance was formed in mid-2012 to address two primary issues with online authentication: the lack of interoperability standards across strong authentication devices, and the reliance on consumer created usernames and passwords, which are often weak and used across multiple platforms. Discover and MasterCard joined as board members towards the end of 2013, and Visa is the most recent board member to join announcing their participation in late May.

Read More

 
© The Fraud Practice LLC 2012